The crypto-markets are looking a bit scary at the moment of writing this. Bitcoin (BTC) is currently trading at $7,000 and down 6.36% in the last 24 hours. BTC was unable to hold levels above $7,500 and dropped like the proverbial rockin a matter of hours.
But do not worry. This had been predicted by a veteran digital analyst, Will Woo, via Twitter when he stated the following:
“Interesting to see most think BTC will moon. I think BTC will flash dump, then moon afterwards, just like with Gold in WFC 2008. Flight to safety: everything else sells off to USD, then used to unwind leveraged positions, then afterwards havens like Gold and BTC have a bull run.”
He also added that the Bitcoin Bull Run will dependon Institutional Investors getting into crypto investing:
“Probably also contingent on how many institutional players are in the BTC market over that period. Normal retail HODLers won’t tend to have large leveraged positions to unwind from, apart from maybe mortgages.”
So what does this all mean?
As stated by Willy Woo, traders are selling off their BTC to stock up on USD that will be used to place new buy orders at lower levels of BTC. Traders are savvy and they know that the Bitcoin Bull runis coming especially with the recent news of the owner of the New York Stock Exchange (Intercontinental Exchange: ICE), launching a new company that will assist in making Bitcoin and all other digital assets, mainstream investments. ICE has partnered with Microsoft, BCG, and Starbucks to create a new company that will be known as Bakkt.
Bakkt is expectedto include federally regulated markets and warehousing along with merchant and consumer applications. Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies, as Bitcoin is today the most liquid digital currency. Bakkt will be fully operational by November.
In a nutshell, it is only a matter of time before Bitcoin starts running with the bulls. The question is, have you panicked and sold out? Or are you seeing the bigger pictureof the events that are unfolding in front of our eyes?
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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